Verallia starts roadshow for €860 million equivalent two-part notes backing buyout by Apollo

By Paul A. Harris

Portland, Ore., July 20 – Verallia began a roadshow on Monday for €860 million equivalent of high-yield notes, according to a syndicate source.

Horizon Holdings III SAS is offering €560 million equivalent of seven-year senior secured notes (expected ratings B1/B+) in dollar- and euro-denominated tranches. The secured notes come with three years of call protection.

Horizon Holdings I SAS is offering €300 million of eight-year senior unsecured notes (expected ratings B3/B-), which also come with three years of call protection.

The tranche amounts are target sizes.

The roadshow wraps up on July 28, and the Rule 144A and Regulation S deal is set to price thereafter.

Global coordinator Credit Suisse will bill and deliver. Deutsche Bank is also a global coordinator.

Barclays, BNP Paribas, Nomura and SG CIB are joint bookrunners.

Proceeds will be used to fund the buyout of the France-based glass packaging manufacturer by Apollo and to repay debt.

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